The Dallas-Fort Worth Apartment Market
Photo Courtesy of AMLI - Design District
Dallas and Fort Worth are major cities in the United States, and they continue to grow rapidly. Job growth in Dallas has increased at a rate of 5.3% over the past year, and continues to advance, while the Fort Worth grew most job sectors by 11.9%. Why are jobs booming in this area? What is driving families and workers in at an increased growth rate? For one, Dallas and Fort Worth have always sported some of the largest populations in America. Dallas alone is the ninth largest city in the country. Since 2010, the city has grown by over 528,000. Because of this, the job and housing markets continue to improve. The city is home to the largest column-free sports park in the world, as well as several other internationally famous parks, events, and venues. DFW operates 406 parks that cover over 21,000 beautiful acres of recreation land. No matter what reason pulls new residents in the most, it is clear that most of them will be renting apartments for their first stay in the big city.
The DFW Metroplex is the fourth largest metropolitan region in the United States, and has been rated #21 in best places to live in the country by U.S. News. One of the reasons why new residents are choosing to move to this area is due to the fact that the cost of living is so low. The cost of living index averages at 69.28, with 100 being the national average - this is surprisingly low, making it a very affordable place for new families, young entrepreneurs, or anybody looking to start out fresh in a new city. The cost of living in the DFW Metroplex is more than 30% lower than New York or Chicago! And since there are no personal or corporate income taxes in the state of Texas, the Dallas-Fort Worth cities have some of the highest disposable salaries in the country.
So what does this information show? It shows that living in Dallas-Fort Worth is affordable, sustainable, and the right choice for new families or businesses. The Dallas Uptown Girls, who provide a premier apartment locators service as part of Dallas Apartment Finders, call for you to choose apartments over houses in order to “simplify your life”. The apartment scene offers affordable rent and amenities, and more convenient access to all of the metropolitan areas and transportation hubs.
What do all of these simplicities and amenities actually cost, and what makes them unique? According to AMLI Residential, all apartments are “surrounded by incredible shopping, vast entertainment opportunities, and several outstanding sports venues”. AMLI Residential currently has 12 apartment communities in the Dallas-Fort Worth Metroplex, and focuses on the development, acquisition and management of multifamily residential communities across the United States.
In the suburbs, you can find a one or two-bedroom apartment starting at $960. Closer to the heart of the city, apartments start at $1100 and can range to $3150. If you’re lucky enough to find an apartment right in the center of downtown Dallas, you can expect to pay up to $1000 for a one-bedroom unit, or $3000 for a three-bedroom.
The apartment market in the Dallas-Fort Worth region is competitive, but rapidly growing to accommodate new and interested residents. According to the National Multifamily Housing Council, 41% of all housing in the city of Dallas consists of apartments. Since 2014, over 1100 new units have been constructed. The DFW Metroplex has a balanced mix of old and young housing stock. Almost 8200 new apartments were constructed in Dallas in 2015, and this year the city has received the largest new DFW apartment volume since 1999. Over 22,000 new apartments have been scheduled as new construction projects in the upcoming year, making Dallas-Fort Worth a viable and desirable location for new home opportunities.
Dallas-Fort Worth Neighborhoods
Dallas Fort-Worth’s neighborhoods are as diverse and varied as its citizens. From laid back suburbs with great school districts, to downtown neighborhoods in the city with historic venues and multi-story units, the DFW Metroplex has something for everyone. Northwood Ravine, a development, construction, and property management firm with offices in Dallas, establish their upscale neighborhoods as “communities built for living”, highlighting their apartments in the neighborhood of Park Lane in Dallas. The apartments feature “3 modern, luxurious buildings with 325 exclusive residences ranging from 677 to over 3,800 square feet.” Experience a mix of luxury and comfort in the heart of a popular and lively retail and dining environment. This is just one of the many neighborhoods available for new residents, and each Dallas-Fort Worth neighborhood presents its own style and feel for you to enjoy being a part of A more in-depth review of the general neighborhoods of the DFW Metroplex can ease your mind of the complexities of apartment searching and give you a better idea on what area is right for you.
Downtown: A neighborhood with large high rises and luxurious communities, the downtown area can provide a mix of a relaxing atmosphere and proximity to the hustle and bustle of urban affairs. AMLI describes its downtown apartments as upscale units that “offer outstanding locations and proximity to all that is important to a modern lifestyle”. The downtown area sees a mix of young and new residents, with new business opportunities booming and a slowly increasing amount of new apartments being built in the heart of the city.
Uptown: The uptown area is a popular and vibrant neighborhood just north of downtown that provides a mix of historical and modern sights. Find upscale apartments, comfortable living spaces, high end shopping opportunities, and award winning restaurants for a true taste of city living.
North Dallas: The neighborhoods of North Dallas are home to some of the most well-known school districts in the country, as well as a variety of famous events and venues right at your doorstep. Neighborhoods like Addison provide sprawling apartment communities with plenty of parks and hiking trails to suit your lifestyle. The neighborhoods can stay competitive by boasting its renowned academic institutions, both on the K-12 and university levels. North Dallas is home to artists, art festivals, and great food.
Collin County: Collin County is one of the highest rated counties in the nation, with top-notch schools and safe living records. Neighborhoods like Plano, Allen, McKinney and Prosper offer family-friendly suburbs and newly constructed apartment communities to complement the growth in city population. Community options include affordable apartments with the luxury of a quiet neighborhood without being too far from the DFW city center. Also in Collin County is Frisco, the nation’s fastest growing city. Apartment communities are being built to accommodate the growing populations and surround such popular areas as The Star, which is the Cowboys’ new World Headquarters in the heart of Frisco.
South Dallas: A relaxed and family-oriented area of DFW, the neighborhoods of South Dallas provide luxury comfort and a mix of urban and suburban advantages. Large apartment communities such as those in Red Oak and Grand Prairie are attractive to new residents and those looking to start a business. Recreation and relaxation venues are aplenty, with large pool communities and lakes for swimming or fishing. Neighborhoods are conveniently located close to the airport as well as urban areas for convenient shopping and transportation.
Fort Worth Neighborhoods: In Fort Worth, residents can enjoy all the benefits of Dallas’ big city living while living in a smaller scale and quieter city setting. Neighborhoods such as Arlington, Keller, Grapevine and Southlake offer luxurious and spacious country settings. Apartments are located within 20 minutes of downtown Dallas. Enjoy a quick trip to the airport, access to reliable transportation, and residency around old historic buildings and landmarks.
Finding The Right DFW Apartment for You
All of this information can be useful for getting a grasp on the diversity of neighborhoods and living costs in the DFW Metroplex, but how do you actually go about finding and renting an apartment? How do you find the apartment that’s right for you? Some of the most convenient ways to find a new and affordable apartment in Dallas-Fort Worth are right at your fingertips: Using apartment locator services can help you find affordable apartments in the neighborhoods that interest you. These services can access units that come equipped with your preferred amenities, and can narrow down viable options by budget and location.
There are several professional services that can help new residents find the perfect home in the DFW Metroplex area. The Dallas Uptown Girls offer a complimentary service as part of Dallas Apartment Finders, and they provide a premier apartment locators service that can help simplify the sometimes overwhelming and overbearing task of finding a new apartment in a city you may be unfamiliar with. The Dallas Uptown Girls understand that finding an apartment can be daunting no matter the situation, and they can accept appointments to help refine your search and find the perfect apartment at no cost to you. AMLI Residential’s online Dallas-Fort Worth search options offer “outstanding locations and proximity to all that is important to a modern lifestyle.” As one of the top multifamily companies in the nation, AMLI is “committed to outstanding customer service and providing our residents a worry-free, high-value living experience in our upscale apartment communities”. Dallas Apartment Finders can provide detailed floor plans, rent specials in all neighborhoods, apartment availability, and a complete list of customized information tailored to your needs. The leasing agents at Dallas Apartment Finders are “licensed real estate agents and specially trained to use their thorough knowledge of the local community to find the best apartment home for you, according to your specifications”.
As excellent as these apartment finders are, however, they can’t begin a search without some parameters. It’s recommended that you have a budget in mind, as well as a list of amenities you absolutely do or do not need. Every apartment community comes equipped with different rules and regulations, and the city as a whole requires certain legalities no matter the neighborhood. The DFW Metroplex is an excellent city to accommodate any living requirement, as the diverse neighborhoods and blend of suburban and urban lifestyle can easily adapt to any familiar lifestyle. Over 670 properties in Dallas allow pets to live in the units with their owners, and dozens of local restaurants and venues allow leashed dogs to visit. Most landlords will accept pets with the purchase of liability insurance or with a special pet deposit.
Regulations, Rules, Insurance Policies and Tenant Rights
Just like any apartment unit in any city, Dallas-Fort Worth apartments host a variety of insurance policies and tenant rights that you should be aware of before committing to any lease or contract. Tenant rights are written to be fair and advantageous to you as the resident. You should become familiar with other regulations and policies before signing your name on any piece of paper, especially if you are moving from outside the city or state.
Tenant Rights: Tenant rights are written to give residents a comfortable and fair living space. While the city of Dallas has several policies and regulations that must be followed, their tenant rights are made to be helpful and can protect you from violation or crime. The Fair Housing act of 1968 ensures that no resident will be discriminated against based on color, creed, gender, ethnicity, or background. This also protects residents from intimidation and retaliation from landlords or other residents. Among Tenant rights include the city-wide fire and grill policies, which allow residents to understand how to comfortably employ fire safety.
Renter’s Insurance: While all landlords in the DFW Metroplex are required to have insurance as part of any apartment lease, you may want to invest in extra insurance to protect your personal belongings from being stolen or damaged. Renter’s insurance is highly inexpensive, and is recommended for each and every resident. Make sure to look into your renter’s insurance options before signing a lease and committing to a new place.
According to Effective Coverage, a Dallas renters review source, “property taxes are somewhat lower than the national average which helps to balance out the impact on rent”. With the cost of living way lower than the average national index, it is highly recommended to invest in renter’s insurance as it protects families of all sizes and ages.
Renter’s insurance can cover basics, such as protection of stolen or damaged goods, and it can range upward to a variety of other liability coverages. Many residents prefer to purchase pet liability insurance, especially when living in an apartment complex in close proximity to other pets and people. Make sure your pet’s breed is covered in the insurance plan, as all codes and policies may vary. Dallas residents like to be protected against fire and flood damage, which is always a risk in city apartments. Be prepared, get insured, and read all policies and plans before signing your name to any deal. With just a little bit of research, the next new DFW Metroplex apartment in a lively neighborhood can be yours in no time.
Did you like what you read here? Order your FREE copy of Destination DFW Relocation Guide!
Edit ModuleShow Tags